European Energy achieved strong operational progress in 2025, advancing the deployment of renewable energy across multiple technologies and markets. High levels of activity drove record investment during the year, though curtailment challenges affected earnings from both project sales and power generation. The company reported revenue of EUR 766 million, up from EUR 416 million in 2024, while gross profit increased to EUR 258 million from EUR 224 million. EBITDA reached EUR 170 million, compared with EUR 154 million in the previous year, and profit before tax rose to EUR 39 million, up from EUR 29 million. Project sales contributed EUR 620 million, a significant increase from 2024, while power sales from the company’s IPP portfolio reached EUR 138 million, only slightly higher than the prior year due to curtailed production.
“European Energy has delivered significant operational progress across our core renewable energy portfolio and achieved meaningful advancement in new business areas such as Power-to-X and Battery Energy Storage Systems,” said Knud Erik Andersen, CEO and co-founder of European Energy. “While market conditions and curtailments have impacted financial results, our operational achievements provide a strong foundation for long-term growth.”
To address curtailment and margin pressures, European Energy accelerated the rollout of Battery Energy Storage Systems (BESS) across both existing and new projects. The company expanded its BESS pipeline from 2.4 GW to 7.4 GW. Grid-connected BESS capacity reached 54 MW with a storage capacity of 204 MWh following an upgrade at Kvosted Energy Park, the largest combined solar and battery facility in Northern Europe. Additional battery system upgrades are planned to enhance flexibility and revenue potential across solar and wind assets.
A notable milestone in 2025 was the commencement of operations at the Kassø e-methanol facility in Denmark, the world’s first large-scale commercial plant of its kind. The facility produces e-methanol using renewable electricity and biogenic CO₂, providing a sustainable alternative to fossil-based fuels for the shipping and chemical industries. During the year, 1,189 MW of renewable energy projects reached final investment decisions and entered construction, up from 666 MW in 2024. At the same time, 6 GW of projects were in the structuring phase at year-end, reflecting a strong and mature development pipeline.
By the close of 2025, European Energy had approximately 1.3 GW of capacity under construction across eight countries, and including its managed assets, a total production capacity of 3.8 GW across five technologies. The company connected 662 MW of renewable capacity to the grid across 14 projects and generated 4.5 TWh of renewable electricity from owned and managed assets, enough to meet the annual needs of roughly 1.2 million European households.
This production helped avoid approximately 1 million tonnes of CO₂-equivalent emissions over the year. Commercial activity remained robust, with European Energy securing over 20 power purchase agreements (PPAs) and contracts for difference (CfDs) covering more than 1.2 GW across Europe and Australia. These agreements provide long-term revenue visibility and support financing for new projects.
“The board regards this year’s operational progress as a critical step in positioning European Energy for its next growth phase,” said Jens Due Olsen, Chair of the Board of European Energy. “The company has expanded its technology base and strengthened its project pipeline, setting the stage to seize future opportunities with speed and scale.”
Looking forward, European Energy anticipates improved financial performance in 2026, driven by higher project sales, reduced curtailment, and further integration of BESS across its assets. The company expects EBITDA for 2026 to range between EUR 200 million and EUR 300 million, depending on market conditions and the timing of project divestments.
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